🔔 Rates Rundown: April showers see the best buys flood with improved rates across the savings market

In a week of wet April weather, we have seen our easy access account and variable rate cash ISA best buy tables awash with improved rates, from the likes of Kent Reliance and Coventry Building Society, amongst others.

We also saw several providers competing strongly across a number of our fixed rate bond tables, with new market-leading rates aplenty, including a five year bond from Vanquis Bank* and shorter term bonds from United Trust Bank and Secure Trust Bank.

In our notice account best buy table we also saw a new entrant, again in the form of Kent Reliance, with a competitive rate on a shorter-term notice account.

Easy Access Accounts

Following a lull in competition over the last few weeks in the easy access market, we have seen a number of changes to our best buy table this week.

The first move of the week came from Yorkshire Building Society, returning to the table with a new version of its Single Access Saver, paying 1.25% gross/AER.

As the name states, you are only permitted to access funds once each year, which may not appeal to those looking for more regular access to their funds.

Kent Reliance followed this with the release of a new version of its easy access account, joining RCI Bank* at the top of the table, each paying 1.30% gross/AER.

Additionally, Bank of Cyprus UK launched a new version of its Online Easy Access Account*, paying 1.25% gross/AER, although it is worth noting that the rate includes a bonus for the first 12 months, at which point the rate will reduce.

Use the following link to see how our easy access best buy table stands at the end of the week following all of these changes.

Fixed Rate Bonds

As the battle in the fixed rate bond market continued this week, we saw the leading spot claimed by small margins across various term lengths.

The new two year account from Secure Trust Bank pays 2.16% gross/AER and holds the leading position in the table. At the same time, the provider’s new five year account claimed the lead by just 0.01% and now pays 2.66% gross/AER.

Then in a move coming late in the week, Vanquis Bank edged ahead of Secure Trust Bank’s earlier release, paying a leading rate of 2.70% gross/AER on its own 5 Year Fixed Rate Bond*.

Elsewhere, in the one year table we again saw Kent Reliance making improvements. Its new one year fixed rate bond is now paying 1.85% gross/AER, joining United Trust Bank at the head of our table.

Then in another late move, United Trust moved ahead of the pack, improving its one year offering to 1.90% gross/AER, leaving some clear daylight between them and their nearest rivals.

Earlier in the week, we also saw PCF Bank improve several of its fixed rate bonds, the most striking of which is its three year account paying 2.30% gross/AER, which now sits just 0.01% off the market-leading rate from RCI Bank*.

For more detail on each of these accounts or to view other leading rates, please refer to our fixed rate bond best buy tables.

Variable Rate Cash ISAs

An area of the savings market that has been fairly quiet over the last few weeks, there has been a marked increase in best buy activity over the last seven days.

Coventry Building Society increased the interest rates on two of its variable rate cash ISAs and claims two positions in our table as a result.

The provider’s 30 day notice ISA now pays 1.35% tax free/AER, claiming the number one slot from Nationwide.

In addition, Coventry improved the rate on its easy access ISA, which is now paying 1.25% tax free/AER and sits in third position.

Not only are these rates available to those opening the accounts, but existing account holders will also benefit from these increases.

Lastly in the variable rate cash ISA category, Al Rayan Bank increased the rate offered on its Instant Access Cash ISA to 1.35% tax free/AER. Although offering the leading rate, it is important to be aware and understand that this is a Sharia compliant account and how it differs from a standard account.

If you would like more information on these accounts or to view other options, please visit our variable rate cash ISA best buy table.

Notice Accounts

Kent Reliance has also made an appearance in our notice account best buy table this week.

The new version of its 60 day notice account pays 1.45% gross/AER and claims a position within our top five, with a significantly shorter notice period than any of the other leading rates.

We continue to see Secure Trust Bank dominate this area of the savings market, with its 180 day and 120 day accounts each paying competitive rates.

For further information and other leading notice accounts, please refer to our notice account best buy table.

For any savers struggling to work out the best thing to do with your savings, why not give one of our Bath based savings experts a call on 0800 011 9705, we’d love to hear from you.

Finally, for any ardent savers looking for the best rates as they hit the market, follow us on Twitter for the latest accounts as they enter our tables. Or sign up to our Rate Alert emails to receive regular updates on new accounts.

*We are occasionally paid by some providers if you click through from our Best Buy Tables and open a savings or current account with them. We will never accept a payment that compromises in any way our independent, whole of market approach to providing information on savings products. For clarity we will indicate those companies who remunerate us with an asterisk (*).

You might also like...